ASM Technologies Limited (ASMTEC.BO) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-117.0%

-₹1,042.10

vs ₹6,139.35 price

Levered DCF

-₹937.33

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

—

Rating

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	58.37×	57.37×	-233.81×	41.28×	39.01×	13.07×	26.52×	7.46×
P/B	11.55×	7.08×	7.08×	5.5×	8.67×	1.96×	0.65×	1.01×
P/S	6.71×	4.05×	4.97×	1.79×	2.97×	0.81×	0.36×	0.59×
EV / EBITDA	34.09×	22.4×	93.67×	21.82×	22.15×	7.12×	8.46×	5.67×
Gross margin	33.4%	31.5%	22.6%	18.0%	23.4%	32.0%	24.9%	27.5%
Operating margin	16.5%	13.0%	-1.3%	5.9%	9.3%	10.6%	-0.4%	5.3%
Net margin	11.5%	9.1%	-2.1%	4.3%	7.6%	6.2%	1.4%	7.9%
Current ratio	2.61×	1.78×	2.34×	1.24×	1.39×	1.73×	1.78×	1.78×
Debt / equity	0.42×	0.52×	0.58×	1.03×	0.77×	0.62×	0.45×	0.29×
Interest coverage	9.87×	3.18×	-0.27×	1.8×	3.21×	5.14×	-0.2×	6.5×
Dividend yield	0.3%	0.2%	0.4%	1.4%	1.6%	2.8%	5.5%	6.4%
Payout ratio	16.9%	8.7%	-104.2%	58.3%	61.2%	37.1%	145.6%	47.5%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	19.8%	15.9%	-3.0%	13.3%	22.2%	15.0%	2.5%	13.5%
Return on invested capital	14.4%	10.7%	-0.8%	5.6%	11.8%	9.7%	-0.2%	5.4%
Return on assets	12.1%	9.1%	-1.8%	5.7%	10.0%	7.4%	1.5%	8.1%
Free cash flow yield	-0.9%	-4.3%	-0.3%	0.2%	1.1%	-1.6%	-37.9%	-6.6%
Earnings yield	1.7%	2.2%	-0.4%	2.4%	2.6%	7.7%	3.8%	13.4%
Enterprise value	₹36.4B	₹12.5B	₹10.1B	₹4.7B	₹6.2B	₹1.4B	₹549.6M	₹619M
Net debt / EBITDA	0.92×	1.42×	0.87×	3.41×	1.74×	1.6×	3.38×	0.92×
Cash conversion cycle (days)	123	166	93	82	97	118	109	86